Form 1099-INT Archives

Knott Learning

IRS Form 1099-INT Explained: Early Withdrawal Penalties on CD’s

If an individual makes an early withdrawal from certain savings accounts, they may be assessed a penalty. The penalty is generally tax deductible on their Form 1040.

Jason Knott2024-08-29T14:53:20+00:00Tags: CD, Early Withdrawal Penalty, Form 1099-INT, Interest Expense, Interest Income|

IRS Form 1099-INT Explained – How to Account for Accrued Interest on Bond Purchases

Taxpayers who purchase bonds between interest payment dates may need to account for accrued bond interest income and expense. In this video, we look at an example of how to account for the accrued interest.

Jason Knott2024-08-29T17:31:10+00:00Tags: Form 1040, Form 1099-INT, Interest Income, Schedule B|

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